Select Page

Industrialisation and Trade Ministry engages stakeholders on economic policies

Industrialisation and Trade Ministry engages stakeholders on economic policies

The Ministry of Industrialisation and Trade held a crucial public consultation among stakeholders to discuss four pivotal policy and legislative frameworks.

These frameworks included the draft Special Economic Zone (SEZ) Bill, National Informal Economy, Startups and Entrepreneurship Development Policy (NIESED), Namibia Investment Promotion and Facilitation Regulations, and the National Cooling Strategy.

Addressing the esteemed gathering, Minister, Lucia Iipumbu, expressed gratitude for the participation of stakeholders, acknowledging the invaluable insights they bring to shaping Namibia’s economic future. The discussion aimed to garner input on these frameworks critical to the country’s growth and development.

Highlighting the significance of SEZ, Iipumbu emphasized their role as catalysts for economic transformation globally. These zones create favorable conditions to attract domestic and foreign investments, foster innovation, and generate employment opportunities. The proposed SEZ Bill seeks to address Namibia’s unique needs and aspirations, aiming to overcome challenges faced under the existing Economic Processing Zone (EPZ) regime.

The Minister underscored the importance of considering environmental sustainability, labor rights, and equitable economic distribution in SEZ development. She emphasized the need for a forward-looking approach, incorporating measures to promote innovation and technology integration.

Turning to the informal economy, Iipumbu recognized its substantial contribution to Namibia’s GDP and employment. She stressed the importance of empowering and uplifting individuals operating within this sector, aligning with the Ministry’s objective to create a supportive environment for startups and entrepreneurs.

The Minister outlined various initiatives aimed at supporting entrepreneurship, including financial assistance, mentorship programs, and business advisory services. These efforts aim to foster inclusivity and sustainability within the entrepreneurial ecosystem, unlocking untapped potential across society.

On investment promotion, she highlighted the forthcoming Namibia Investment Promotion and Facilitation Regulations. These regulations aim to create an attractive investment climate while ensuring transparency and protection of investors’ rights.

Lastly, Iipumbu emphasized the significance of the National Cooling Strategy in addressing climate challenges. She called for exploration and promotion of energy-efficient cooling technologies, emphasizing the need to minimize environmental impact.

In concluding her address, she urged active participation from stakeholders, emphasizing the collaborative effort needed to shape Namibia’s economic landscape. She expressed confidence that collective wisdom and diverse perspectives would pave the way for a framework that promotes inclusive prosperity while upholding Namibia’s core values.


About The Author

The Staff Reporter

The staff reporter is the most senior in-house Economist reporter. This designation is frequently used by the editor for articles submitted by third parties, especially businesses, but which had to be rewritten completely. - Ed.